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3 Copyright This overview has been prepared and complied by experts of Revera Consulting Group with the participation of specialists of the Ministry of Economy on basis of Belarusian legislation as of Februrary, 2013 for informational purposes only. The information in this overview should not be considered as legal advice or a substitute for legal advice as it draw out only most significant points. Reproduction of any content is strictly prohibited without prior written consent from Revera Consulting Group. 3 Doing Business in Belarus 2013

4 About Revera Consulting Group Revera Consulting Group is a successful law firm that provides professional consulting services to foreign and Belarusian companies since years of impeccable customer service, detailed knowledge of the complex and constantly changing Belarusian legislation allowed us to become leaders of the Belarusian market of legal services. Today our company is one of the largest in Belarus: we unite 28 lawyers, including four partners. Summarizing the results of law firms rendering in 2011 the Ministry of Justice of the Republic of Belarus recognized Revera Consulting Group as the best legal firm in Belarus. Our company recognized and recommended by a number of authoritative sources and international guides, such as Chambers Global, Chambers Europe, Legal 500, IFLR 1000, PLC Which lawyers, Best Lawyers, Who's Who Legal. Revera Consulting Group holds the official status of the investment agent and privileges to be of interest of Belarus on attraction of investments in the economy of the Republic. In 2012, the company became a member of the international network International Law Referral, which brings together the most qualified consultants in 150 different jurisdictions Today we offer wide range of legal services in Belarus in the following fields: Contract work Construction And Real Estate, Land Relations Intellectual property Customs Law Currency Regulation and Foreign Trade Commercial Disputes Administrative Disputes Mediation Antimonopoly Law Tax Consulting Support of corporate procedures M&A, Due Diligence Investment Project Support Employment Law Intellectual property and IT technologies Doing Business in Belarus

5 Contents 1. About Belarus General information Economy Business Environment Business Entities Private unitary enterprise Limited-liability company Additional-liability company Closed joint-stock company Open joint-stock company Representative offices and branches of business entities The procedure of business creation in the Republic of Belarus Expenses on registration of commercial organizations and representative offices Business reorganization and liquidation Ways of Doing Business by Foreign Organizations and Individuals in Belarus Entity with the status of the commercial organization with foreign investments Doing business through permanent representative office in Belarus Establishment of the representative office in Belarus Doing business through the agent Labour Relations and Working Conditions Information on the labour market Legal regulation of labour and related to them relations Schedule of work and rest Payment for labour Local acts in the sphere of labour relations Labor migration Entry into the territory of the Republic of Belarus Stay on the territory of the Republic of Belarus Permission for labour activity Responsibility for migration legislation violation Licensing Investment General conditions for investment activities Guarantees of investors rights and protection of investment Guarantees of the Use of the Investment Activity Results and Investment Protection State support of investment activities State support by conclusion of investment agreement Guarantees and benefits for the investor State support in form of concessions Investment agent Foreign investment guarantees in Belarus Privatization Doing Business in Belarus 2013

6 4.1. The concept of privatization The procedure of privatization Features of selling shares (stocks in authorized funds) and enterprises as property complexes at auction Features of selling shares (stocks in authorized funds) and enterprises as property complexes at competitive bidding Features of selling shares of open joint stock company according to the results of trust management Transformation of the state unitary enterprises into the open joint stock companies Reorganization of the open joint stock company by joining to it of a state unitary enterprise Construction and immovable property Immovable property State registration of immovable property, rights and deals with it Land plots Ownership Permanent use Lease Construction Finance and Banking System Payments and Financial Statements The procedure of using the cash Financial statements Pricing Banking system Banking Principles Bank authorized fund Terms and conditions for obtaining a Banking License Additional requirements as to organizations and activity of banks with foreign investments and subsidiaries of foreign banks in the Republic of Belarus Subsidiary or representative office of a foreign bank Currency Control General information Implementation of Foreign-Trade Operations The Tax System General information Taxation of Business Entities The general system of taxation: primary payments Special Tax Regimes Simplified tax system The single tax from individual entrepreneurs and other individuals Single tax for producers of agricultural products Doing Business in Belarus

7 Tax on gambling business Tax on income from lottery activity Tax on income from organization of electronic interactive games Сharge for craft activities Charge for rendering the service in the field of rural tourism Taxation for certain categories of taxpayers Taxation in free economic zones Taxation of High Technologies Park residents Taxation of Chinese-Belarusian Industrial Park Taxation in middle, small towns and in a countryside Taxation of Individuals Agreements on Avoidance of Double Taxation Rates of tax on profits in the form of dividends in agreements on avoidance of double taxation Rates of tax on profits in the form of interests in agreements on avoidance of double taxation Rates of tax on profits in the form of royalty in agreements on avoidance of double taxation Insurance Market Forms of Insurance Objects of insurance Insurers State registration Authorized fund Activities of insurers Restrictions imposed on insurance activities Features of ensuring the financial stability of insurers Monopolistic Activity and Illicit Competition Monopolistic Activity: General Information Antimonopoly control for creation and reorganization of holding companies Antimonopoly control for transactions with stock (shares) Non-compliance with the obligation to obtain the approval Anti-monopoly control over the activities of economic entities with dominant position Illicit Competition Common principles and rules of competition in the Eurasian Economic Community Customs Regulation General Information about the Customs Union Tariff Regulation in the Customs Union Tariff Preferences Applied by the Member States of the Customs Union Uniform Measures of Non-Tariff Regulation in the Frameworks of the Customs Union Quantitative restrictions of export and/or import (quotas) Doing Business in Belarus 2013

8 Exclusive right to export and/or import Foreign-trade licensing Indirect Taxation Indirect taxation upon export of the goods The principles of indirect taxation upon import of the goods Indirect taxation upon carrying out of works, providing services Supervision for Security and Quality of the Goods in the Frameworks of the Customs Union Certification (declaration of conformity) Registration of security of the goods Veterinary control Quarantine and phytosanitary control Customs Measures Protecting the Intellectual Property Objects Treaty on the Functioning of the Customs Union within the Framework of the Multilateral Trade System Common Economic Space General information about the Common Economic Space (CES) Legal and regulatory framework of the Common Economic Space The Agreement on Coordinated Macroeconomic Policy The Agreement on common principles and rules on regulation of activity of natural monopolies subjects The Agreement on common principles and rules of competition The Agreement on common rules on granting of industrial subsidies The Agreement on common rules of state support of agriculture The Agreement on the state (municipal) procurement The Agreement on trade in services and investment in the CES member states The Agreement on common principles of regulation in the field of protection and defence of intellectual property rights The Agreement on creation of conditions on financial markets for free movement of capital The Agreement on the agreed principles of monetary policy The Agreement on organization, management, operation and development of common markets of crude oil and petroleum in the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation The Agreement on ensuring access to the services of natural monopolies in the power industry sector, including the basics of pricing and tariff policy The Agreement on rules on access to services of natural monopolies in the sector of gas transportation through gas transportation systems, including the basics of pricing and tariff policy The Agreement on regulation of access to railway transportation services, including basics of tariff policy The Agreement on cooperation against illegal migration from third countries The Agreement on legal status of migrant workers and their family members The Agreement on common principles and rules of technical regulation in the Republic of Belarus, Republic of Kazakhstan and Russian Federation Doing Business in Belarus

9 The Agreement of states - members of the Customs Union on elimination of technical barriers in trade with the states - members of the Commonwealth of Independent States, which are not the states - members of the Customs Union Intellectual property Objects of Copyright and Related Rights Industrial Property Objects Inventions, utility models, industrial designs Means of individualization Consumer Rights Protection and Advertising Information about the Goods and about the Seller (Manufacturer) Duties of the manufacturer (seller or performer) Liability of a Seller Advertising Telecommunications, Data Transmission and Internet Court system The Constitutional Court Competence Procedure General Courts Economic Courts Competence Jurisdiction Terms Mandative proceedings Proceedings on review of judicial decisions Rates of the state fee Contacts of organs of government The Ministries of the Republic of Belarus State Committees of the Republic of Belarus Bodies of local government Doing Business in Belarus 2013

14 2. Business Environment 2.1. Business Entities There are no specific requirements for foreigners wishing to establish a business in Belarus. Investors, whether Belarusian or foreign, benefit from equal legal treatment and have the same right to conduct business operations in Belarus by incorporating separate legal entities. The procedure requires the fulfillment of certain legal formalities (registration in The Unified State Register of Legal entities and individual entrepreneurs.) Companies are required to have their own name, authorized fund (the formation of which, unless otherwise is provided by the legislation, is allowed for one year from the date of the state registration of a legal entity, as well as the minimal amount of which is established for several forms of entities by law), management, registered offices and bank accounts. Companies established in Belarus are subject to the Belarusian law, but agreements concluded by Belarusian companies can be governed by the law chosen by the parties. The Belarusian legislation allows and defines the following legal forms of business entities: Individual entrepreneur (Индивидуальный предприниматель, abbreviation is ИП); Peasant (farm) economy (Крестьянское (фермерское) хозяйство, abbreviation is КФХ); Production cooperative (Производственный кооператив, abbreviation is ПК); Unitary enterprise (Унитарное предприятие, abbreviation is УП); General Partnership (Полное товарищество, abbreviation is ПТ); Special Partnership (Коммандитное товарищество, abbreviation is КТ); Additional-liability company (Общество с дополнительной ответственностью, abbreviation is ОДО); Limited-liability company (Общество с ограниченной ответственностью, abbreviation is ООО); Open joint-stock company (Открытое акционерное общество, abbreviation is ОАО); Closed joint-stock company (Закрытое акционерное общество, abbreviation is ЗАО). Other forms of doing business are representative offices and branches of foreign companies. A legal entity in Belarus in any of the above mentioned forms can be created: With the status of a commercial organization with foreign investments; Without the status of a commercial organization with foreign investments. Attention should be paid to the fact that such distinction concerns the status only, as a set of the law rules determining the peculiarities of creation and activity of the legal entity but not the organizational legal form. Most businesses in Belarus are legal entities, organized in forms of private unitary enterprise, limited-liability company, additional-liability company, closed joint-stock company, and open joint-stock company, as the above-mentioned forms are the most convenient to perform business activities. Doing Business in Belarus

15 Private unitary enterprise Private unitary enterprise is a commercial organization not endowed with the right of ownership to property consolidated to it by the owner. The founder is the owner of the property of the private unitary enterprise. Individual or legal entity can be a founder of the private unitary enterprise. For the unitary enterprise set up by an individual it is allowed to use the word "private in its name. The founding document of private unitary enterprise is the Charter. The main body of private unitary enterprise is director, which is appointed by the owner. The owner of the unitary enterprise can be a director at the same time. Powers of the director of the private unitary enterprise can be transferred under contract to another commercial organization (the management organization) or to an individual entrepreneur (managing director) under the decision of the owner. Belarusian legislation does not provide minimal amount of share capital for private unitary enterprise. The size of share capital is determined by the owner himself. A unitary enterprise shall be liable for its obligations with all of the property belonging to it and shall not be liable for obligation of its founder. The owner of the private enterprise has got subsidiary liability for obligations of enterprise if the economic insolvency (bankruptcy) of enterprise has been caused by him (her) Limited-liability company A limited-liability company is a company with a number of shareholders not more than fifty, whose authorized fund is divided into shares of certain sizes that are stated in the founding documents. Belarusian legislation does not provide minimal amount of the authorized fund for the Limited-liability company; the size of authorized fund is determined by the founders themselves. The founding document of the Limited-liability company is the Charter approved by the founders. Organizational structure of the limited-liability company includes: Shareholders General Meeting. Shareholders General Meeting is the supreme authority of the Limited-liability company that decides the most important questions of the company s activity. Board of Directors or Supervisory Board. The Board of Directors (Supervisory Board) is formed in case its formation is provided for by the company's charter. Executive authority Directorate or Director. Powers of the executive authority can be transferred under agreement to another commercial organization (the management organization) or to individual entrepreneur (managing director) under the decision of Shareholders General Meeting of the company. Auditor or internal Audit Commission the control authority of the company Additional-liability company Additional-liability company is a business entity with the number of shareholders not more than fifty, which authorized fund is divided into shares of certain sizes that are stated in the founding documents. With regard to the additional-liability company, the same rules and regulations provided for by the legislation for limited-liability company 15 Doing Business in Belarus 2013

16 (the founding document, the number of participants, the size of authorized fund, organizational structure, etc.) are applied. The only difference between the additional-liability company and the-limited liability company is that the shareholders of additional-liability company jointly bear subsidiary responsibility for the obligations of the additional-liability company with their property within the limits determined by the charter of the company, but not less than the amount provided for by the legislative acts, in proportion to the contributions of participants in the authorized fund of the additional-liability company. The charter of the additionalliability company may provide for a different procedure for distribution of additional responsibility among its participants. At present, the minimum size of the subsidiary responsibility of the additional-liability company shall be not less than the amount equivalent to 50 basic units. The size of the basic unit is provided for by the legislation of the Republic of Belarus, on April 1, 2012 it amounts to rubbles, which is approximately 9 Euro Closed joint-stock company The number of shareholders in the closed joint stock company cannot exceed 50. Minimal allowed size of authorized fund for the Closed joint-stock company is 100 base units. Authorized fund is divided into a number of stocks having the same nominal value. The only founding document of the Closed joint-stock company is the Charter. The organization structure of the Closed joint-stock company includes the same elements as the Limited-liability company. Shareholders are not liable for its obligations and bear the risk of losses associated with its activities of society within the limits of the value of their stocks. A shareholder may alienate its own shares only with the consent of other shareholders and/or to a limited number of individuals. Closed joint-stock company is not entitled to carry out an open subscription for stocks issued by it or otherwise offer for the purchase to unlimited number of persons Open joint-stock company The number of shareholders in the open joint-stock company is not limited. The minimum size of the authorized fund for open joint-stock companies is 400 basic units. The authorized fund is divided into a number of shares of equal nominal value. Founding document of the open joint-stock company is the Charter. The organizational structure of the open joint-stock company includes the same all elements as the organizational structure of a limited-liability company. However, formation of the Board of Directors (Supervisory Board) in the open joint-stock company directly stipulated by the legislation, if the number of shareholders of such open jointstock company is more than 50. Shareholders are not liable for the obligations of the open joint-stock company and bear the risk of losses associated with the activity of the company within the value of their shares. Shareholder may dispose of its shares to the unlimited number of persons without the consent of other shareholders. Doing Business in Belarus

17 Open joint-stock company has the right to conduct an open subscription of the shares issued by it and free sale of them on the conditions prescribed by the legislation Representative offices and branches of business entities Business entities have the right to establish representative offices and branches. A representative office of a foreign company (представительство) is its detached division located in the territory of Belarus, carrying out protection and representation of interests of the organization. The representation of the foreign company is not a legal entity, and it has the right to be engaged in business in the territory of the Republic of Belarus only on behalf and by order of the company represented by it. A branch of a foreign company is its detached division located on the territory of Belarus that can exercise all or part of its functions, including the functions of representation. The property of the representative offices or branches of the legal person is accounted separately to the balance of the legal person, which has created these representative offices or branches. Belarusian legislation does not allow foreign business entities to establish branches, that is why foreign organizations have the right to establish detached divisions only in the form of representative offices The procedure of business creation in the Republic of Belarus 1. Adoption by the participants (property owner) on the creation of the organization in the Republic of Belarus 2. Choice of the organizational-legal form of business entity 3. Endorsement of company s name 4. Search of premises, where the newly created organization will be located (legal address) 5. Formation of the authorized fund In the case of creation of the commercial organization with the foreign investments 50 % of payments to the authorized fund of such an organization should be made in the first year of after the registration. The remaining 50 % should be contributed before the second year after the registration expires При создании коммерческой организации со статусом коммерческой организации с иностранными инвестициями, уставный фонд должен быть сформирован не менее чем на 50 % в течение первого года со дня государственной регистрации, и в полном объеме до истечения двух лет со дня регистрации. При создании коммерческой организации со статусом коммерческой организации с иностранными инвестициями, уставный фонд должен быть сформирован не менее чем на 50 % в течение первого года со дня государственной регистрации, и в полном объеме до истечения двух лет 17 Doing Business in Belarus 2013

18 6. Formation of management bodies, signing the documents of newly created company documents delivery to the registering authority 7. Documents delivery to the registering authority and state registration 8. Production of the seal 9. Preparation and signing of necessary documents with the director and chief accountant of a commercial organization Additional step for CJSC / PJSC 10. Opening of the bank accounts 11. Conclude the Agreement to custody and consulting services. Registration of the shares (stocks) in the state authority Expenses on registration of commercial organizations and representative offices Registration of commercial organization Registration of Representative Office Action Cost Action Cost Legalization, 1 page of Notarization of the 45 Euros per 1. translation of an translation into provisions of extract from the Representative Office Commercial (4 pcs.) Register of the foreign state into Russian and notarization of the translator s signature (if the incorporator is nonresident) Translation of the personal Russian Euros depending on the language. Notarization of the translator s signature - 7 Euros. 1 page of translation into Legalization, translation of an 1 page of translation into Russian Doing Business in Belarus

19 identification document into Russian and notarization of the translator s signature Translation of the power of attorney into Russian and notarization of the translator s signature (In case of transfer of powers) Formation of the authorized capital of the commercial organization The state duty for the state registration of the organization Russian Euros depending on the language. Notarization of the translator s signature - 7 Euros. extract from the Commercial Register of the foreign state into Russian and notarization of the translator s signature (3 pcs.) Legalization, translation of founding documents of a foreign organization into Russian and notarization of the translator s signature The state duty for the permission to open a Representative Office 1 page of translation into Russian Euros depending on the language. Notarization of the translator s signature - 7 Euros. The minimum authorized capital is not established.\ Exceptions: CJSC 1000 Euros; JJSC 4000 Euros. 30 Euros Legalization, translation of the power of attorney in the name of the head of the Representative Office into Russian, the translator's signature notarization (2 pcs.) Making a seal Euros Legalization, translation into Russian of the power of attorney in the name of the person authorized to carry out activities concerning the opening of the Representative Office, notarization of the translator's signature (2 pcs.) Making a seal Euros depending on the language. Notarization of a signature of the translator - 7 Euros. 1 page translation into Russian Euros depending on the language. Notarization of the translator s signature - 7 Euros. 650 Euros. 1 page of translation into Russian Euros depending on the language. Notarization of the translator s signature - 7 Euros. 1 page of translation into Russian Euros depending on the language. Notarization of the translator's signature - 7 Euros Euros 19 Doing Business in Belarus 2013

20 Business reorganization and liquidation Liquidation of a company may be carried out voluntarily by the decision of the owner of the company (founders, shareholders) or in other cases as prescribed by law (by economic court or by state registering authority). The owner (founders, shareholders) or body of a company empowered by the Charter takes a decision on liquidation of a company, appoints the liquidation commission (appoints the liquidator), who are responsible for the implementation of all the formalities associated with the liquidation process and establish the procedure and terms of the liquidation. It should be noted that the maximum term in which a business entity can stay in liquidation process is 9 months from the date of the making decision on the liquidation with a right to extend this term to 12 months. Business reorganization in Belarus is regulated by the Belarusian legislation and can be realized in the form of consolidation, merger, division, separation and transformation. Liquidation of business entities in the Republic of Belarus 1. Adoption by shareholders (property owner) decides to liquidate, the appointment of a liquidator. 2. Notification employees about the impending dismissal. 3. Submitting application for liquidation of the registration authority. The registration authority shall notify tax authorities, social security authorities, insurance organization. 4. Notification service bank, re-registration of bank accounts in the name of the liquidator. Switching account is only necessary if liquidator need to operate on the current account. 5. Compilation of a list of creditors. Notice to creditors about the liquidation. 6. Accommodation publication about the liquidation in a special print edition. Doing Business in Belarus

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